Tendermint has raised $9 million in the Series A investment round led by cryptocurrency investment company Paradigm, with contribution from Bain Capital and 1confirmation among other investors.
Part of the funds will purportedly be allocated to support of further development of the Cosmos Network and its ecosystem. The company also plans to spend the funds on the building staff and creating a sustainable business model.
The round closing follows the Cosmos Hub mainnet launch — so called “The Internet of Blockchains,” developed by Tendermint — on March 13. The developers believe that Cosmos may contribute to solving blockchain’s scalability and interoperability problems.
Salil Deshpande of Bain Capital reportedly said that “we envision a future where multiple blockchains serve specific use-cases — store of value, privacy, general purpose smart contract platforms, and many others. In this future, interoperability solutions provide a crucial alchemy that could lead to an explosion of blockchain applications, as well as boosting usage on existing chains.”
Cosmos Hub will further pass two more phases, as the recent launch was reportedly the first in a series of proof-of-stake chains developed by Tendermint.
Tendermint reportedly supports leading cryptocurrency exchange Binance’s decentralized digital currency exchange. Binance CEO Changpeng Zhao reportedly said that Binance Chain is based on the Tendermint protocol and runs on a Delegated-Proof-of-Stake (DPoS) consensus algorithm.